General Government
Kentucky Public Pensions Authority
Actual FY 2024Actual FY 2025Revised FY 2026Recommended FY 2027Recommended FY 2028
SOURCE OF FUNDS
General Fund
Regular Appropriation135,000,000250,000,000250,000,000
Budget Reserve75,000,00075,000,000
Special Appropriation105,000,000
Total General Fund240,000,000325,000,000325,000,000
Restricted Funds
Current Receipts55445
Non-Revenue Receipts46,400,00046,800,00050,115,60052,407,50054,022,700
Total Restricted Funds46,400,05546,800,44550,115,60052,407,50054,022,700
TOTAL SOURCE OF FUNDS286,400,055371,800,445375,115,60052,407,50054,022,700
EXPENDITURES BY CLASS
Personnel Costs42,393,89042,097,84943,386,10045,547,00046,921,400
Operating Expenses3,998,2494,702,5966,729,5006,860,5007,101,300
Grants Loans Benefits240,001,571325,000,000325,000,000
Construction6,345
TOTAL EXPENDITURES286,400,055371,800,445375,115,60052,407,50054,022,700
EXPENDITURES BY FUND SOURCE
General Fund240,000,000325,000,000325,000,000
Restricted Funds46,400,05546,800,44550,115,60052,407,50054,022,700
TOTAL EXPENDITURES286,400,055371,800,445375,115,60052,407,50054,022,700
EXPENDITURES BY UNIT
Kentucky Public Pensions Authority286,400,055371,800,445375,115,60052,407,50054,022,700
TOTAL EXPENDITURES286,400,055371,800,445375,115,60052,407,50054,022,700

Kentucky Public Pensions Authority is the administrative arm of three retirement systems which are qualified governmental defined benefit plans under Section 401(a) of the Internal Revenue Code: County Employees Retirement System (cities, counties, local government entities, and classified employees of school boards) governed by KRS 78.510-78.990, Kentucky Employees Retirement System (state employees, universities, health departments, and certain boards) governed by KRS 61.510-61.705 and, State Police Retirement System (uniformed officers of Kentucky State Police) governed by KRS 16.505-16.652 Medical insurance benefits are governed by KRS 61.701-61.702 and KRS 78.5536. The systems were established in the 1950s to provide a pension that, when coupled with Social Security, would provide the career employee with sufficient income to maintain his or her pre-retirement standard of living.

Kentucky Public Pensions Authority is administered by a 8-member board that is composed of trustees from the County Employees Retirement System and the Kentucky Retirement System. The County Employees Retirement System is governed by a separate 9 member board of trustees called the County Employees Retirement System Board. Another 9 member board of trustees called the Kentucky Retirement System Board oversees the Kentucky Employees Retirement System and the State Police Retirement System. The boards are responsible for the collection and investment of contributions. Members of the boards are considered fiduciaries and are required to administer the funds in the sole interest of the members and beneficiaries of the systems. All three boards are required to invest the funds under the “prudent person” rule. Investments are diversified among common stocks, government and private bonds, real estate and cash equivalents. An actuarial valuation is conducted each year to determine the funding status of the three systems, and an annual independent audit is performed as well.

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